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Texas Business Organizations Code - Section 153.112. Receipt Of Wrongful Distribution

Legal Research Home > Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 153.112. Receipt Of Wrongful Distribution

§ 153.112. RECEIPT OF WRONGFUL DISTRIBUTION.  A limited 
partner who receives a distribution that is not permitted under 
Section 153.210 is not required to return the distribution unless 
the limited partner knew that the distribution violated the 
prohibition of Section 153.210.  This section does not affect an 
obligation of the limited partner under the partnership agreement 
or other applicable law to return the distribution.

Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.                     

Last modified: August 11, 2007